Flexible Spending Accounts

Flexible Benefit Plans allow you to set aside a portion of your income, pre-taxed, to pay for certain expenses not covered by your benefit plan.  Most important, since the Flexible Benefit Account is funded with pre-tax dollars, you actually lower your taxable income, creating a larger net income.

Since the plan operates on the concept of if you don't use it, you lose it; accurate estimates of medical expenses are required.

Overview

  • Entire election available when benefits begin - Use for medical, dental and vision deductibles, copayments and coinsurance
  • Use for over plan limits and any IRS tax-deductible health expense (Over-the-counter medications covered only if prescribed)

 

Contribute up to

$2,500 per account 

 

Dependent Care Spending Account

  • Reimbursement available based on account balance
  • Use for dependent care expenses that allow you (and your spouse) to work.  Dependent children up to age 13, or any age if incapable of self-care

 

IRS "Use It or Lose It" rules Apply

Useful Links

Get a Tax Break with every paycheck:  Flexible Spending Account Calculator  |  Frequently Asked Questions

edit